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The total payroll of Apple Inc. was $500,000. Income taxes withheld were $155,000. The Canada Pension Plan (CPP) contributions are 4.93% for both the employee
The total payroll of Apple Inc. was $500,000. Income taxes withheld were $155,000. The Canada Pension Plan (CPP) contributions are 4.93% for both the employee and employer. The Unemployment Insurance (EI) rate is 1.86% for the employee and 1.45 times the employee rate for the employer.
Required (round all values to the nearest dollar, if necessary)
- Prepare the journal entry for the wages and salaries paid.
b) Prepare the entry to record the employer payroll taxes.
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